Mempool

Today we get a backed up mempool, but it eventually calms down so peoples transactions eventually get through. But what happens when the amount of transactions trying to get into a block is always growing, when there are always more transactions coming online than can ever fit into the next block. An ever increasing mempool that never reduces.

What happens then. People give up and abandon their legitimate transaction all together.

That would be the day bitcoin is no longer useful as money.

Wait, what if thats exactly what is happening now.

Mind blown.

A mempool that grows to 50,000 transactions then corrects is not the system balancing with transaction fees. It is people abandoning legitimate transactions. Effectively making bitcoin useless as money.

Edit: FYI I agree with small blocks for decentralisation purposes and I am on the side of the core devs, they are doing gods work. But there has to be a better way. Allowing the protocol to breathe when absolutely needed.

Hopefully once segwit, LN and MW sidchain are all active we can stay forever ahead of this scaling problem. But what if the blocksize is once again a problem 5 years down the road. Wouldnt a floating blocksize limit be the solution. Just to allow the protocol to breathe short term in these situations. Once the 1mb limit is pushed for more than 6months straight it dynamically rises to deal with the incease in what the blockchain can handle short term. Then once new scaling solutions are implemented it reduces again. Allowing the protocol to breathe in emergencies so as to maintain trust in its use as money. Effectively keeping the blocksize at 1mb but, as an example, for say a 6 month period every 5 years or so it rises if needed to let the protocol breathe until scaling solutions are implemented.

Submitted October 26, 2016 at 05:15PM by slvbtc http://bit.ly/2euzoWC